Have you heard the news? Salons are back and more fabulous than ever! At the height of the COVID-19 pandemic, government lockdowns forced hair stylists, massage therapists, and nail artists to shut their doors. Once salons were allowed to reopen, however, people came rushing back. Though Americans tried cutting and coloring their hair at home, most found that nothing can compare to the pampering and confidence boost provided by a salon haircut.
The industry is predicted to grow 8.1% from 2020 to 2030. That’s almost five times faster than the 1.7% growth for total employment. For entrepreneurs looking to invest in a thriving industry, now is a great time to buy a hair salon franchise — even if you don’t have any salon experience. With MY SALON Suite, you receive all the benefits of owning a hair salon franchise without having to cut hair. Better still, you don’t even have to manage the business on a day-to-day basis.
Hair Stylists Rent Space from You
Some franchise owners have no interest in managing employees or payroll. With MY SALON Suite, it’s not necessary. Some owners opt to hire a manager, but it’s not a requirement.
The MY SALON Suite business model isn’t just about building a salon. It’s a real estate investment that generates passive income. As a franchisee, you develop a salon complex, and stylists rent a private space from you. You set the hours of the location, and stylists determine their own schedules within the suite. As an entrepreneur yourself, you get to help other budding entrepreneurs start their own businesses.
You Don’t Need Prior Salon Experience
MY SALON Suite presents the perfect opportunity for entrepreneurs who are passionate about growing a business. While you don’t need to have experience in the salon industry, previous business experience is encouraged. From there, MY SALON Suite will give you all the tools you need to recruit qualified salon professionals and run a hair salon franchise. As a new owner, you’ll spend several days at MY SALON Suite Franchise University where you’ll not only learn how to lease your suites but also how to connect with salon professionals to create a meaningful and supportive environment at your location. Our training will provide you with the confidence and skills you need to bring your business venture to life.
You May Work Fewer than 10 Hours a Week
MY SALON Suite isn’t an absentee franchise opportunity, but it is a semi-absentee franchise since it requires only a short time commitment from the business owner. Because your hair salon franchise is comprised of dedicated business owners, you won’t need to be on-site constantly. Most of our franchise partners work only five to 10 hours a week. This dynamic makes MY SALON Suite a perfect investment for people who are semi-retired or for those who want a part-time job that allows them to spend more time with their family. Some of our franchise partners even continue to hold their full-time jobs. With MY SALON Suite, owners have incredible freedom and flexibility in their schedules.
Your Responsibilities Are Minimal
While not non-existent, your responsibilities as an owner will be minimal. As an owner, you’ll need to foster a positive environment among your stylists, manage all financial procedures, maintain the salon, and promote your business in the local community. Additionally, you’ll be responsible for recruiting new stylists, retaining a high occupancy rate, selecting and implementing marketing plans, and working with Suite Management Franchising, MY SALON Suite’s parent company, to grow your business.
We’re More than a Hair Salon Franchise
MY SALON Suite is much more than a typical hair salon franchise. Because our suites are very private, they are suitable for use by many professionals other than hair stylists. This gives you a larger talent pool to draw from than hair stylists alone. Some of the other services our locations offer are massage therapy, skincare, eyebrow and lash treatments, tanning, hair removal, manicures and pedicures, makeup application, tattooing, and more. As the franchise owner, you can build a salon with highly diversified services, creating multiple streams of revenue and attracting a wider audience.
MY SALON Suite franchise candidates are required to have a credit score of 700, net worth of $1,000,000, and $200,000 in liquid cash. The startup costs to open a MY SALON Suite franchise location range between $664,738 to $1,479,827, including an initial franchise fee of $50,000. There are a number of factors that can play into the cost of the location including the size of the building and market, the number of locations you wish to open, and the term of your agreement.